Moody’s Ratings has upgraded the Village of Hoffman Estates’ issuer and outstanding general obligation unlimited tax (GOULT) ratings to Aa3 from A1. The upgrade of the Village to Aa3 reflects the Village’s strengthened available fund balance ratio, along with significant moderation of its long-term liabilities ratio.

“This upgrade is a direct result of the Village’s careful financial stewardship and strategic investments,” said Mayor Bill McLeod “We are committed to ensuring Hoffman Estates remains a financially strong and resilient community, and this recognition from Moody’s is an important affirmation of that work.”

Moody’s highlighted the Village’s growing local economy, strong reserves and moderate long-term liabilities in its assessment. Significant tax base expansion is likely over the next five years because the former 200-acre campus of Sears Holdings Corporation will be redeveloped into five data centers. Adding to that expansion, various residential developments are also in various phases of construction. The Village’s healthy fund balances and proactive infrastructure investments were also key factors in the improved rating.

The Village continues to prioritize responsible fiscal management while investing in infrastructure, public safety, and community amenities that enhance quality of life.